City consolidates multiple OWRB promissory‑note balances to fund ongoing Upper Joe Creek project

Tulsa staff told the Urban & Economic Development Committee on May 14 that the city has coordinated with the Oklahoma Water Resources Board (OWRB) to move several small promissory‑note fund balances into an ongoing Upper Joe Creek (LaFortune) sewer capital project.

Public works staff explained the transfers move finished projects' OWRB funds into the active LaFortune/Upper Joe Creek OWRB project so the balances will be used rather than remain idle. "All those dollars are being consolidated to go towards the LaFortune project," a staff member said. The staff explanation noted the city previously funded part of the ongoing project with cash after construction cost increases; consolidating OWRB funds into one ongoing OWRB project simplifies paperwork and spending oversight.

Committee members asked whether the transferred balances would be fully utilized or could reduce debt. Staff said the intent is to use the funds on the ongoing project and that finance/public works assessed that servicing the loan is currently more efficient than using the balances to reduce debt principal.

Staff identified the Upper Joe Creek project as an ongoing construction program with a multi‑million dollar price tag (committee discussion referenced figures in the $5–6 million range for the total project cost) and said the transfers free up cash timing for earlier work. The committee did not take a final vote in the presentation; staff described the transfers as interfund accounting moves coordinated with OWRB requirements.